DoubleRainbow Biosciences Inc. announced that it will issue 10,208,188 series B preferred shares at issue price of $1.95921 per share for the gross proceeds $19,999,984.01148 in funding on October 23, 2020. The shares carry non-cumulative dividend rate of 8% per annum. The shares will be convertible in common shares at a price of $1.95921 per share. The round will be raised at post money valuation of $96,947,908. The company will issue securities pursuant to exemption provided under Regulation D.